Tag - Cbbo

Small caps remain in the green near their intra-day highs mid-session, snapping a three day losing streak, as hopes that lawmakers are near agreement on the $700 billion bailout plan cheered investors.

At 12:40 p.m. ET. the Russell 2000 (NYSE:IWM) was up 12.70, or 1.82%, to 710.46.

Investors are sending stocks higher today, as passage of the bailout plan looks more likely. President Bush addressed the nation on Wednesday night in an attempt to rally national support for the plan and called a meeting today with Congressional leaders. The administration and the republicans have conceded to democrats’ amendments surrounding caps on executive compensation and judges’ ability to change the value of the toxic mortgages. Still, issues remain on the table — most notably how to stagger the cost of the plan. Passage of the plan would help thaw the frozen credit markets and enable banks to value assets tied to mortgages.

“Despite the increasingly testy exchanges in Congress, I still assume that some close approximation of the plan (with amendments) as currently being discussed will be agreed and become law next week,” Don Straszheim, vice chairman of investment bank Roth Capital, said in an email. “If this effort would come completely unraveled and stalled out, not impossible, my assumption is we would see a financial sector meltdown almost immediately of monumental proportions. Enough people seem to hold similar views that the ‘failure-to-pass’ outcome seems implausible.  It really is an insurance policy given the state of expectations at present.” 

Though the two day testimony for the $700 billion financial bailout plan is complete, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson will remain on Capitol Hill to testify before the House Committee on financial services on the government bailout of mortgage giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE).

While equity markets were higher, treasuries are saying otherwise. Treasuries continued to see yields of unprecedented lows, in a sign that investors demand next to nothing for a safe haven for their short-term cash. The one and three-month Treasury bill yields were both negative at minus 0.38% and minus 0.65% respectively. However, the 2-year and the 10-year were both lower, as their yields were higher midday at 2.1% and 3.8% respectively. (Prices move inversely to yields.)...

Columbia Bancorp (Nasdaq:CBBO), ARYx Therapeutics Inc. (Nasdaq:ARYX) and Transmeta Corp. (Nasdaq:TMTA) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Silicon Graphics Inc. (Nasdaq:SGIC), Thomas Weisel Partners Group Inc. (Nasdaq:TWPG), BancTrust Financial Group Inc. (Nasdaq:BTFG), Guaranty Bancorp Ord. (Nasdaq:GBNK), Formula Systems Depository Receipt (Nasdaq:FORTY) and Cypress Bioscience Inc. (Nasdaq:CYPB).

Here are the biggest percentage gainers among small caps:

Columbia Bancorp (Nasdaq:CBBO) is down nearly 9% in today’s trading after the holding company forecast ahead of today’s opening a loss for the second quarter. The company expects a loss of $0.04 to $0.06 per share for the quarter ended June 30, in line with Wall Street estimates for a loss of $0.05 per share. Columbia also announced it will reduce its quarterly cash dividend to $0.01 per share, payable on July 31 to shareholders as of July 17. The Oregon-based company said declining property and construction development values and downgraded credit ratings in some prime real estate development loans have put the company at risk. 

Shares of Columbia Bancorp are down $0.51 to $5.30 at 12:07 ET on above-average volume.

Harris & Harris Group Inc (Nasdaq:TINY), G-III Apparel Group Ltd (Nasdaq:GIII) and Columbia Bancorp (Nasdaq:CBBO) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: M I Homes Inc (Nasdaq:MHO), Protherics PLC (Nasdaq:PTIL), Community Valley Bancorp (Nasdaq:CVLL), Vision Sciences Inc (Nasdaq:VSCI), Sterling Financial Corp (Nasdaq:STSA) and VirnetX Holding Corp (Nasdaq:VHC).

Here are the biggest percentage losers among small caps:

After opening higher, small-cap stocks slipped into the red and continued to bleed midday, as traders grappled with earnings from Goldman Sachs Group Inc. (NYSE:GS) and a proliferation of economic reports.

At 12:58 p.m. ET, the Russell 2000 (NYSE:IWM) was down 2.41, or 0.33%, to 738.33, while the Dow is down 80.28, or 0.65%, to 12,188.80

As investors try to take the credit crisis’ latest temperature, Goldman Sachs said this morning that net income slid 11%, while revenues flopped off 7.5%, as the investment bank incurred further credit losses. Although results slipped, they still managed to beat the consensus on Wall Street. Goldman is the second financial house to report this week after Lehman Brothers (NYSE:LEH). Morgan Stanley is due to report Wednesday.

In sobering economic news, the Producer Price Index, reported this morning, clocked in at 1.4%, above the forecasted rise of 1%. The inflation indicator was fueled higher by an up tick in energy prices of 4.9% and an increase of 0.8% in food. The “core” rate, which excludes food and energy prices, was on target with a gain of 0.2%. Year-over-year, PPI was up 7.2%, marking the eighth consecutive month in which that number was above 6%, which hasn’t happened since 1977 to 1982.

Today’s PPI report comes on the heels of Friday’s CPI report, in which consumer prices jumped up 4.2% year over year.

“No big surprises here,” BMO Capital Markets economist Jennifer Lee wrote in a note today. “But with pipeline pressures showing little or no sign of let-up (intermediate and crude stages), policymakers will continue to keep an eye trained on inflation.”

Indeed, with The Fed’s hawkish comments in the back drop from last week, traders are now factoring in a rate hike of almost as much as 1%.

Also in less-than-welcoming economic news, housing starts came in slightly below expectations at 975,000 units, which marked the worst showing since 1991. Finally, the industrial production report was down 0.2%, well below the median forecast for a rise of 0.1%.

“We're now past the worst of the housing crisis and in the middle of the process of healing,” Andy Busch, global foreign exchange strategist for BMO Capital . . .

Columbia Bancorp (Nasdaq:CBBO), Optium Corp (Nasdaq:OPTM) and Benihana Inc(Nasdaq:BNHNA) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Adept Technology Inc (Nasdaq:ADEP), Fuel Tech Inc (Nasdaq:FTEK), Cardica Inc (Nasdaq:CRDC), Pamrapo Bancorp (Nasdaq:PBCI), Virtual Radiologic Corp (Nasdaq:VRAD) and Cathay General Bancorp (Nasdaq:CATY).

Here are the biggest percentage losers among small caps:

National CineMedia Inc (Nasdaq:NCMI), Columbia Bancorp (Nasdaq:CBBO) and UAL Corp (Nasdaq:UAUA) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Jazz Pharmaceuticals Inc (Nasdaq:JAZZ), HEICO Corp (Nasdaq:HEI), Crescent Financial Corp (Nasdaq:CRFN), Kona Grill Inc (Nasdaq:KONA), Aircastle Ltd (Nasdaq:AYR) and Rex Stores Corp (Nasdaq:RSC).

Here are the new 52-week lows among small caps:

Agria Corp. (NYSE:GRO), XTENT, Inc. (Nasdaq:XTNT) and Boise Inc. (NYSE:BZ) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.

Globalstar, Inc. (Nasdaq:GSAT), Columbia Bancorp (Nasdaq:CBBO) and TGC Industries, Inc. (Nasdaq:TGE) are also among the top small-cap percentage losers.

Here are Tuesday's biggest percentage losers among small caps:

Columbia Bancorp (Nasdaq:CBBO), the financial holding company for Columbia River Bank, issued first-quarter earnings guidance below the consensus on Wall Street due to a higher-than-expected loan loss provision and continued net interest margin compression.

Shares slid 7.4%, or $1.18, to $14.81 in pre-market trading. For detailed price information and recent news stories about Columbia Bancorp, click CBBO.

The Russell 2000 (NYSE:IWM) futures are down and the small-cap index will open in negative territory.

Small-cap stocks are poised for a bearish opening on news that aluminum producer Alcoa Inc. (NYSE:AA) saw its first-quarter profit decline more than expected. Investors are fearful that the economic slowdown will negatively affect corporate earnings.

The Russell 2000 had another oddly quiet, rangebound session Monday, but again stalled on the 720 area, setting up that point as important short-term resistance. The index dipped 1.05, or 0.15%, to 712.68. Today, key resistance lurks at the aforementioned 720, then again near 725 and 731. Meanwhile, support is pegged at 705.50, then at 700 and 694.

The release this afternoon of the FOMC minutes could serve up some volatility.  Normally, the minutes alone wouldn’t justify expectations for a big stock market move, but the release takes on a little more significance this week because the data slate is tame.

The Russell 2000 (NYSE: IWM) futures are down and the small-cap index will open with a decline on news of more mortgage losses.

Small-cap stocks are set for a bearish opening following news that Merrill Lynch & Co., Inc. (NYSE: MER) may suffer $15 billion in losses from investments in securities backed by mortgage loans. The loss is almost twice what the New York-based investment bank had initially estimated and an unpleasant reminder of how shockwaves from the stagnating U.S. housing market continue to ripple through financial markets.

Providing more unpleasant news is credit card issuer American Express Co. (NYSE: AXP), which announced that it will absorb a fourth-quarter pretax charge of about $440 million due to slower spending by card members and an increase in delinquencies. The company said that it now expects fourth-quarter earnings below the level a year earlier.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• AmCOMP Inc. (AMCP), up 41% on news it will be acquired by Employers Holdings, Inc. (NYSE: EIG).
• Columbia Bancorp (CBBO), up 20%.
• USANA Health Sciences, Inc. (USNA), up 16% on news an informal inquiry by the U.S. Securities and Exchange Commission has ended with no action.

Biggest percentage losers:

• Cadence Pharmaceuticals, Inc. (CADX), down 47% on news a clinical trial did not meet its primary endpoint.
• Opnext, Inc. (OPXT), down 14% on news that it expects fiscal third-quarter sales below Wall Street’s projections.
• Wavecom S.A. (WVCM), down 5%.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are posting modest declines on news of poor December retail sales.
 
At 10:57 a.m. ET, the small-cap index was down 4.72 points, or 0.66%, to 707.40. The Dow Jones Industrial Average (INDU) had lost 29.67 points, or 0.23%, to 12,705.64.

Small-cap stocks started the day in negative territory but quickly recovered as investors apparently weighed news of disappointing December retail sales against news of a government report that showed an unexpected decline in weekly jobless claims.

The bearish pre-market mood was due to news of weak December sales at the major U.S. retailers. The main culprits appear to be the early Thanksgiving holiday, which moved some shopping days to November, as well as the deep discounts that many retailers offered to lure in shoppers.

Small-cap retailers also failed to impress, with music and apparel seller Hot Topic, Inc. (Nasdaq: HOTT) reporting that December same-store sales dropped 6.2%, leading the company to lower its fourth-quarter earnings guidance.

Similarly, Watsonville, Calif.-based boating supply retailer West Marine, Inc. (Nasdaq: WMAR) announced fourth-quarter results that disappointed analysts, while Cost Plus, Inc. (Nasdaq: CPWM) said that holiday same-store sales declined.

On the bright side, apparel retailer Eddie Bauer Holdings, Inc. (Nasdaq: EBHI) announced that fourth-quarter same-store revenue rose 4.8%.

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) fell for the second day in a row on news of housing and subprime concerns and record oil prices. The small-cap index let go 6.01 points, or 0.72%, to 823.35. The Dow lost 71.86 points, or 0.51%, to 13,912.94.

On a year-to-date basis, the Russell 2000 has increased 4.56%, while the Dow has added 11.53%.

Predictions by high-level U.S. officials that the slump in the housing sector will get worse and slow down economic growth brought out the bears today, as small and large caps ended in the red for the second consecutive day.

After the close on Monday, Fed chairman Ben Bernanke said that the slump in the housing sector is expected to get worse and be a drag on economic growth going into 2008. Treasury Secretary Henry Paulson made similar comments at Georgetown University’s law school today, adding that the federal government should work to avoid foreclosures and prevent property values from falling further.

As if to confirm the downcast predictions, the National Association of Home Builders announced that its monthly home builder confidence index fell more than expected in October to a record low.

Contributing to the negative mood was news of weaker-than-expected third-quarter earnings for Wells Fargo & Company (NYSE: WFC). CEO John Stumpf blamed disruptions in the credit markets.